Core Viewpoint - The announcement by iMoutai to launch the 500ml 53-degree Feitian Moutai at an official price of 1499 yuan per bottle starting January 2026 is seen as a significant move to address market chaos and improve consumer access to this high-demand product [1][3]. Group 1: Market Dynamics - The 1499 yuan Feitian Moutai has been nearly mythical in the market, with consumers often unable to purchase it at retail prices, leading to inflated prices of over 2500 yuan in secondary markets [3]. - The introduction of direct supply for the core product through iMoutai is expected to enhance user engagement on the platform and reduce gray market activities, thereby reshaping the pricing structure [3][5]. Group 2: Consumer and Market Reactions - The market response has been polarized, with regular consumers expressing excitement and anticipation, while scalpers are facing significant losses, with some secondary market prices dropping over 100 yuan in a single day [5]. - There remains a challenge regarding the limited daily supply, which could still lead to rapid sellouts, but the initiative signals a commitment from Moutai to restore a fair consumption environment for consumers [5]. Group 3: Strategic Implications - This move reflects Moutai's deep restructuring of channel order and brand value, positioning iMoutai as a core driver of profit growth, with sales reaching 200 billion yuan in 2024 and 126.92 billion yuan in the first three quarters of the current year [3]. - The ultimate goal is to make Moutai accessible to the general public, marking a potential shift towards rational consumption in the high-end liquor market in China [5].

（作者｜周琦 编辑｜张广凯） 12月30日，茅台再度放出重磅消息。 2026年1月起，贵州茅台核心大单品，"500ml 53度飞天茅台"将以1499元/瓶的官方指导价，首次在自营平台"i茅台"开启申购。 这意味着，消费者终于可以在茅台官方渠道"平价"买到最具代表性的飞天茅台，而茅台公司也借此迈出控价、稳市、扩直销的关键一步。 截止12月30日晚6:30，观察者网登陆"i茅台"APP，平台暂未更新"飞天茅台即将上线"的预告。目前，若消费者想要预约，仍需要通过i平台跳转至第三方完成 购买。 53%v 贵州茅台酒 p . 小茅播报 街道小卖部 i茅台APP 截图 "大量真实消费者能以1499元随手买到飞天后，无疑其开瓶率很可能明显大幅抬升，供应充足也会抑制投机、促进真实消费。"酒类分析师蔡学飞告诉观察者 网。 在他看来，这一举措并未改变飞天茅台的高品质与稀缺性价值，尽管投资需求挤出或导致年份酒、生肖酒等溢价单品价格体系松动。 值得注意的是，就在此次宣布前两日，茅台集团党委书记、董事长陈华刚在经销大会上宣布"要让经销商赚到钱，但是不可能再有暴利了。" 这与直销体系的强化形成呼应，显示出茅台在平衡渠道利益与市场管控上的 ...

Core Viewpoint - The consumption enthusiasm for high-end liquor, particularly Feitian Moutai, is increasing as the "Double Eleven" shopping festival and year-end consumption peak approach, demonstrating strong resilience during the industry's adjustment cycle [1] Group 1: Market Performance - The price of 500ml 53-degree Feitian Moutai in Beijing remains stable, ranging from 1980 to 2400 RMB, with specific stores pricing at 2019 RMB and 2158 RMB respectively, indicating no significant fluctuations [3] - Since October, the terminal price of Feitian Moutai in Beijing has consistently stayed above 1980 RMB, with original box prices nearing 2050 RMB, reflecting a healthy supply-demand relationship and market liquidity [3] Group 2: Company Financials - For the first nine months of 2025, the company reported total revenue of 1309.04 billion RMB, a year-on-year increase of 6.32%, with Moutai liquor revenue at 1105.14 billion RMB, up 9.28%, highlighting its role as a key growth driver [3] - The company is focusing on stabilizing its core business, optimizing channel relationships, and enhancing operational efficiency, showcasing strong brand resilience and quality of development [3] Group 3: Strategic Initiatives - The company is actively promoting non-standard products and cultural series, such as kilogram Feitian, zodiac liquor, and regional cultural liquor, which are contributing significantly to revenue growth [4] - The company is enhancing its market value management and shareholder return mechanisms, committing to a dividend payout ratio of no less than 75% over three years and implementing a 6 billion RMB share buyback, reflecting confidence in its intrinsic value [4] Group 4: Market Sentiment - The company has received attention from multiple securities firms, with eight reports in the past month, indicating sustained institutional interest in its investment value [4] - The company's strategic resilience and ability to navigate industry fluctuations are underscored by its systematic layout of "three transformations" and "four focuses," establishing a solid foundation for sustainable growth [5]